Pale Fire Capital
Private equityPrague · Seed–Late Stage · 9 people tracked
Find your way into Pale Fire Capital
952 people in our graph share verified history with the Pale Fire Capital team — schools, employers, funds. One of them is your warm intro.
Investment thesis
Pale Fire Capital invests in and builds technology and e-commerce businesses, entering strong companies as a long-term investment partner. It provides both capital and hands-on strategic support across expansion, digitalization, management building and further growth, drawing on operating experience from having built companies such as ePojisteni.cz, Favi and Aukro. The firm writes checks of roughly CZK 10M to 500M and aims to grow projects at least tenfold, leveraging central teams in marketing, HR and finance. It has built more than 20 companies expanding beyond the Czech Republic and Slovakia into Poland, Germany, the US, Spain, the UK, Italy, Romania, Hungary and Croatia. It also devotes a share of portfolio value to supporting nonprofits.
Source: firm website, verified Aug 3, 2026.
Team · 9 people
from the firm's website & curated & public directories
What they invest in
from 17 of 22 portfolio companiesMarketplaces ×6SaaS ×6E-commerce ×4Fintech ×3Hardware ×3LegalTech ×2Retail Tech ×2Travel & Hospitality ×2
HQs:Czechia×9Spain×1Poland×1Slovakia×1
Who they back
founder profiles across 8 portfolio companiesFounding team size:solo founder×72 founders×1
Investments · 22 tracked
founders shown can be your intro path
Groupon operates a marketplace connecting consumers with discounted deals from local and national merchants across restaurants, beauty services, travel, entertainment, and retail products.
E-commerceMarketplacesRetail Tech
Andrew Mason(Founder)in
Co-investorsAccelAndreessen HorowitzBattery VenturesInterlace VenturesMaveronNew Enterprise Associates (NEA)+3 more
Zuri develops hybrid-electric uncrewed cargo vertical take-off and landing (VTOL) aircraft, with plans to expand toward a certified six-seater passenger variant.
Deep TechHardwareMobility & TransportationPrague, CZ
Michal Illich(Founder)in
ACOND designs and manufactures air-to-water heat pumps, including its Grandis, PRO, and Aconomis product lines, using R290 refrigerant and scroll or rotary compressors.
CleantechEnergyHardware
Arpem operates an online insurance comparison platform that lets consumers compare prices and coverage across more than 25 insurers, with a focus on car insurance.
FintechInsurTechMarketplaces
DAVINCI is a B2B online platform that automates group accommodation bookings for tour companies at large hotels across Europe, replacing traditional email and phone-based reservation processes.
B2B MarketplacesSaaSTravel & HospitalityPrague, CZ
Co-investorsReflex Capital
MUNIPOLIS (formerly Mobilní rozhlas) provides a communication platform for municipalities and local governments to reach citizens via SMS, email, and app notifications, along with tools for official websites, surveys, participatory budgeting, and an AI assistant.
GovTechSaaS
An insurance comparison platform founded in 2019 that simplified insurance selection and achieved market leadership in Poland.
Co-investorsIPR.VCMMC VenturesSequoia CapitalWhite Star Capital
Zwift is an indoor cycling and training app that connects to smart trainers and dedicated smart bikes, letting cyclists ride, train, and compete virtually with others.
GamingHardwareSports Tech
Eric Min(Founder)in
Co-investorsCauseway PartnersHighland EuropeHiro CapitalTrue.Shasta Ventures
Exits · 1
IPOs and acquisitions across the tracked portfolioGroupon, Inc.NASDAQ: GRPN
Portfolio news
latest coverage across their companies
Zwift · zwiftinsider.com · Aug 19, 2026
Groupon, Inc. · aaii.com · Jul 14, 2026
Aukro · palefirecapital.com · May 12, 2026
Frequently asked questions
- How many investments has Pale Fire Capital made?
- Pale Fire Capital has 22 tracked investments.
- What stage does Pale Fire Capital invest at?
- Pale Fire Capital invests at the Seed, Growth, Late Stage stages.
- What is Pale Fire Capital's typical check size?
- Pale Fire Capital typically writes checks of $450K – $22M.
- What sectors does Pale Fire Capital focus on?
- Pale Fire Capital focuses on Consumer, E-commerce, Fintech, Marketplaces, SaaS.
- Where is Pale Fire Capital located?
- Pale Fire Capital is headquartered in Prague, CZ.
- Does Pale Fire Capital lead rounds?
- Yes, Pale Fire Capital leads investment rounds.
- Who does Pale Fire Capital co-invest with?
- Pale Fire Capital most often shares deals with Accel, Andreessen Horowitz, Battery Ventures, among 13 tracked co-investors.
Images
Similar investors
August Capital is a venture capital firm that invests in a small number of companies, providing hands-on support to entrepreneurs building their businesses.
Norwest Venture Partners is an investment firm whose growth equity team backs private, profitable, fast-growing companies, providing capital and hands-on support through its 'invited guest' approach.
FirstMark Capital is a venture capital firm that backs founders and accelerates them through a platform providing access to networks, customers, and top talent.
Elevation Capital is an India-focused venture firm that partners with founders at the Seed and Series A stages, backing companies across consumer, software, fintech, healthcare, education, and deep-tech sectors.
AddVentures is the corporate venture capital arm of SCG, one of the largest industrial conglomerates in Southeast Asia. It engages with tech startups worldwide through partnerships and investments, leveraging SCG's network and resources across the region.